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MicroStrategy Boosts Note Sales to $2.6B for Bitcoin Acquisitions
MicroStrategy has increased its senior convertible note sale to $2.6 billion, up from $1.75 billion, to fund further Bitcoin purchases, signaling bullish expectations for BTC to surpass $100,000. The notes, offered at a 0% interest rate to institutional buyers, are expected to close on Nov. 21. Alongside robust ETF inflows and Bitcoin trading above $93,970, analysts predict the additional funds could drive BTC past the $100,000 milestone before month’s end.
South Korea's Democratic Party Advocates 20% Crypto Tax Implementation by 2025
South Korea’s Democratic Party (KDP) is advocating for a 20% tax on crypto gains starting in 2025 but proposes increasing the taxable threshold to 50 million won ($36,000) to limit the impact to larger investors. This is a significant raise from the original threshold of 2.5 million won ($1,800), which had faced backlash from stakeholders. The KDP criticized the ruling People’s Power Party’s (PPP) proposal to delay crypto taxes until 2028, calling it a political maneuver. If implemented, the revised tax plan would align crypto with the country’s stock market policy and mainly affect high-earning traders. Initially scheduled for 2021, South Korea’s crypto tax has faced multiple delays due to industry resistance.
BlackRock Bitcoin ETF Options Hit Record $1.9B in First-Day Trading
BlackRock's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), saw $1.9 billion in options traded on its first day, a record-breaking figure that analysts suggest contributed to Bitcoin hitting a new all-time high of $94,105. Bloomberg's Eric Balchunas called the debut volume “unheard of,” far surpassing the $363 million seen during the ProShares Bitcoin ETF’s first day. The put/call ratio of 0.225 indicated overwhelmingly bullish sentiment, with many traders betting on Bitcoin’s price doubling within a month. The options launch is seen as a key driver of increased demand for Bitcoin, with further bullish momentum expected as Grayscale prepares to launch its own ETF options.
Trading Desk Insights
BTC is once again on the cusp of breaking new ground, briefly touching the $95,000 mark earlier today. We've observed a notable increase in open interest—climbing into double-digit percentages overnight—though there has been some pullback after challenging key resistance levels. The market depth shows substantial placement of offers at the $95,000 and $96,000 thresholds, while bid support remains robust.
Shifting focus to the derivatives market, BlackRock's IBIT, the inaugural U.S.-based spot BTC ETF, has launched its options trading arm just yesterday, with some others poised to follow suit today. IBIT has quickly amassed a market capitalization of $44 billion, experiencing over $2 billion in options trading volume in terms of notional value, and surpassing $4 billion in ETF trades, trailing only behind major equity index ETFs like SPY. These volumes are remarkable considering the current position limits set at 25,000 contracts.
In other market news, MicroStrategy (MSTR) has ascended into the top 100 U.S. publicly traded companies by market capitalization, with its stock price closing at an all-time high of $430 on Tuesday—eclipsing its peaks during the dotcom era. The firm, holding the largest corporate BTC reserve globally, has seen its shares surge by 530% this year, outstripping both BTC and Nvidia. Today, MSTR claims the title for the highest traded volume in the U.S. market, surpassing Tesla and Nvidia. Speculations are rife that CEO Michael Saylor is poised for discussions with Microsoft about potential BTC investment strategies.
Amid these developments, there's chatter that former President Trump is contemplating appointing crypto advocate Teresa Goody Guillén to lead the SEC, signaling a shift towards a more cryptocurrency-friendly regulatory environment.
In the broader equities market, stock futures edged higher on Wednesday, with investors eyeing the upcoming earnings report from Nvidia. Given Nvidia’s colossal market cap of $3.6 trillion, the impending earnings could overshadow some major economic indicators, setting a pivotal tone for equity markets as we approach year-end.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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